U. S. Automotive Wrap Films Market Size, Share & Trends Analysis Report By Application (Heavy Duty Vehicles, Medium Duty Vehicles, Light Duty Vehicles), And Segment Forecasts, 2020 - 2027.
New York, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "U.S. Automotive Wrap Films Market Size, Share & Trends Analysis Report By Application And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05999616/?utm_source=GNW
U.S. Automotive Wrap Films Market Growth & Trends
The U.S. automotive wrap films market size is anticipated to reach USD 3.6 billion by 2027. The market is expected to expand at a CAGR of 17.4% from 2020 to 2027. Growing trend of company spending on automobile advertising and offering sponsorships to automotive race team in order to increase the visibility of the company is expected to drive the market.
Companies operating in consumer goods, food and beverages, electrical and electronics, tourism, and various other industries are using vehicle wrap films for advertising and showcasing their product offerings.Companies operating in these industries hire vehicles from fleet owners and use customized vehicle graphics with company names and logos imprinted on them.
Additionally, the films are a cost-effective solution, which maintains the original paint job and provides a high resale value for the vehicles.The minimum service life for good quality vehicle graphics ranges from 5 to 6 years.
Rising trend of hydro dipping poses a challenge in the growth of the market.
The films offer the flexibility to get the vehicle fully wrapped or semi-wrapped depending upon the requirement.These wraps can be a bit expensive than paint in the case of complex designs.
However, with high quality, the overall return on investment in the case of vehicle wrapping is high as compared to vehicle paint.Automotive graphics are a cost-effective option when the paint cost is expected to be very high.
For example, in the case of racing cars, as these cars often require quick color and design changes depending upon their sponsors, company, and branding. The low cost of wraps as compared to vehicle paints makes it suitable for these applications, which, in turn, is anticipated to increase the demand over the forecast period.
U.S. Automotive Wrap Films Market Report Highlights
• The market is anticipated to reach USD 3.6 billion by 2027 and is estimated to witness a CAGR of 17.4% from 2020 to 2027
• The light duty vehicles application segment accounted for 52.7% of the overall revenue share in 2019. This high share is attributed to rising trend of consumer spending on personalized customization in their vehicles, which majorly constitutes light weight vehicles
• The growing demand for hydro dipping poses a challenge in the growth of the market as hydro dipping is relatively easy and cost-effective solution for customization
Read the full report: https://www.reportlinker.com/p05999616/?utm_source=GNW
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